Show Tim THE NICARAGUA mA CANAL I repeat repent with wih great earnestness the recommendation of which Weh I have soMe made mention In previous messages to toe the e Inadequate Support given the tho American company engaged in time the construction of f tho the Nicaragua lc ship canal anat It I is I impossible to overstate the value from every standpoint of this bb great gre-at great enterprise enterprise enterprise enter enter- prise ned and an anI I hope hop that tima there may inay be time Um given In this congress to give to td it an nit ins Itu- us ns Ils that will trill 1 Insure the te early parly completion temple comple tion of or the time and tad secure to the U United St States State e its Ia proper ona relations V to it It when com coin le p tc Tim THE l MONETARY I TAnY CO CE toon gross has hal already advised that the in invitations In hi- of this government go for th the as as- of o 41 au ms monetary con cn- cn fl for ference once to consider the consider n slon K t an tr L en enlarged en- en In- In of or sliver silver b the tho Jage Isue was wa accepted by t td to whO they hey were Issued The Ie assembled at 0 01 Nov o 2 22 22 and Ini bas entered upon the abe consideration of or orthIs this great grot question I 1 have haTe not doubted and amid have haTe taken occasion to express that belief be be- be let lief hief a 4 as well wel in tn the Invitations ISSued ue for this titis conference AS In m my public messages that the th free freO trel c of upon an In agreed international i i-atio i would greatly gee at woul reaty lime tho Interests of our people nn and Ami equally tho those of or other nations It is I too loo to to predict what Results luls may Inny ll be ito accomplished ac sic- e- e by the conference If any temporary tem tens check or Os- delay Inter Intervenes ne I believe be be- be here lieve that very goon loon oon commercial conditions will 1 i ho tow reluctant governments go to units unite unie with wit us lS in Inthis this movement to the tho c enlargement of the time volume of money moner J e for fo or the transaction of th the business money of ot of the world THE lItE NATIONS NATION'S ILCES The rho he report c cf the secretary of or the treasury will trill 1 attract special Interest In view tiers Tie of the mu many misleading statements that Chat ht have bT been made as 1 to the state of re nue revenue i Three preliminary fads facts should oud d J not ot on only ony be he stated but emphasized before looking Int into det details First t that the publiC d debt bt has isas Js' Js been peu r reduced re ye- V since Ince March Maroli arc 4 4 1880 1850 lB and lh th the S annual interest charges 11 second that at there tere have haTe been paid Dald ald out for tot pensions during this administration up to too Nor o oI 1 I 1602 1802 IS 70 an au e excess cess of or 09 over tr o t thO su suing I ad tint tint- cur cur- Jog ing hid th period perle-I from frOni from 1 to March 1 I. iSSO ISSOr IS cod ind nl the existing tariff up tip to O JOt 4 JO of whIch c b n collected col col- COl- COl 0 up a Imported U duty IY had been ben maintained his has g me fh pockets of ot the people end and not j fr v treas irons before If n-he n Still tiny ury as ns I y think bat bat the U i bao have bavo been Iwen en kept out of dIns it I iu Imi II flu the treasury or lt anks without without with wih out Interest InterN while Ie g rl r to t pay the Inter n the he bonds deposited as ns security or em- who the think that the pension legislation legis legis- legis lation was a I public public- ro iry y or that the duties dutes upon sugar s s pt have hao been bein mal maintained main usain- 1 I am content content to leave lea leahe tie he aiga- aiga ment where It now rests we tro e wait trait Wl to tosea t see sea e whether these criticisms will wi take the t form fm P of or legislation r TV r. r THE l PUBLIC U LI The rhe revenues for for far the fiscal year er ending Juno June 30 20 S 1802 2 from all 11 sources wore were and tim the expenditures for all al purposes were wre S. S leaving a I balance of 01 3 CC There were paid pud dm during Ing the tb year er up public debt 40 10 3 The Tho surplus ln iu e treasury and amId t th lon und ua by b th the theof a ec I of ot Joly 14 U S to tote the general b fund the p with else he year r 1801 lour l our receipts from customs duties tea fel off otT 4 white our receipts receipt from internal in Iu o. o tom mini revenue increased S 18 leTIn learIng leaving leT lear In ing the he net ne loss lose of 01 rev revenue from these thele principal principal prin prin- cipal so The be net loss of revenue from all ni sources was os 81 The revenues estimated estimate and actual for tor the fiscal year jear er ending June 30 80 1893 1803 are placed by the tho secretary at nt 44 and the tile expenditures at showing a I surplus of 01 receipts over oer expenditures of 2 2000 2 The cash oasis balance in 10 the treasury at atthe tho the end of the fiscal year it i Is estimated will wi be 20 KJ 03 So f far as these theBe figures are arc Intel based on oms estimates est esti esit- mates of or receipts and Rud e fur for the remaining 1 mouths months of the tue current curent fiscal year thele are Ire not only time the usual elements of uncertainty but sonic some added addel element New Ness revenue reve-nue legislation or even yen the Hie expectation of It I It may seriously i reduce educe the revenues rev rev- lilies during the per period lOi of uncertainty and lii the pi press ess of bu busIness attendant to io the tue new mien conditions when they become known lInt But tho secretary lias imas lIa very wisely lady refrained from guessing as t to 10 the effect of possible changes in our revenue laws since the scope of those changes s and amid the tho time of 01 taking effect can ean not in fn any degree be forecast or foretold By fir f. f him Ills IUs estimates must Just be based upon existing laws mind aud upon a I continuance of existing business b conditions condi tione tOI except so far as os these tele conditions may amity be bo affected by causes other than new legis legis- lation mUon laton THE TilE SINKING FU FUND D. D The estimated receipts tor for tIme the thE fiscal decal year rear ending Juno 30 1803 13 are Mid and the estimated appropriations 33 33 leaving an estimated surplus of receipts receipts re s-c- over o the time expenditures of 00 This does not include an any payment to the sinking fund In the recommendation of or the secretary that the tho sinking fund law bo iso repeated repealed I concur The redemption of f lends bonds since the passage of ot the tho law to June 30 20 1892 1802 has hall alread already exceeded the s ments b by the sum anna of 40 The Time retirement of 01 bonds iu the future futuro before maturity should hO be ho a matter of convenience not of or compulsion We Ye should not collect revenue for tor that purpose but only use ulle any casual surplus To the balance of 3 03 1 of or receipts over expenditures for the tile I year IS 1894 1804 I should be added the estimated surplus at mit the beginning of the year 20 JO- JO and anel from this ng aggregate there therel must be deducted an ns stated by the secretary sere sees l tam tary about of or estimated unexpended unexpended appropriations GOLD AND The public confidence in the time purpose ant and ability of 01 the government to maintain the parity of 01 all our money Is Issued uell whether COIn In or paper must remain Time The demand for tor gold 1 01 in Europe and the consequent conse quent calls upon Ullon us lilt are iu in a considerable d degree e the tho result of the efforts of some Komo of or orthe the European governments to 10 Increase their gold reserves reserve and these hese efforts should bo be met by ly appropriations upon our part The Tue conditions that have hare created this drain of or ortho tho the treasury gold ore are in an nn important degree degree de tIe- de- de gree political and anel not commercial Iu lit view of vf the fact that a I general revision of our revenue laws s in Iii tIme the near future seems to tobe tobe tobo be bo probable it would be better that nn any changes should be a II part of 01 that revision lather rather than of n n. temporary nature During the last fiscal year the secretary of the treasury trel purchased under the act net of or July 14 H 1810 ounces of silver Iud and Issued In payment t thereof in notes The total purchases since the passage passage pass pass- age of or the act have baTe been ounces ant and tho aggregate ato of notes cotes Issn issued d OO Time TIle average price paid for til lill vcr Tel during durIn the year was 04 4 cents per ounce tho the highest price being 1 July 1 1 l iSOl l and the tue lowest Jose March 21 1892 1802 In view of tho the fact that the monetary conference confer ence is ones now sitting and that no conclusion las sas as ns yet ret been r reached I withhold withheld any recommendation as nit to the legislation upon this Ibis subject |